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Manappuram Finance Shares Plummet Over 7% as SEBI Puts IPO on Hold

Shares of Manappuram Finance took a nosedive on Wednesday, shedding over 7 percent, following news that the market regulator SEBI has put the IPO of its arm Asirvad Microfinance in abeyance. The stock fell as much as 7.4 percent to Ôé╣163.40 in intra-day deals on the same day. Currently, it has pulled back over 10 percent from its 52-week high of Ôé╣182.10, which was reached on January 9, 2024. On the flip side, the stock has shown an impressive gain of over 61 percent from its 52-week low of Ôé╣101.15, recorded on February 27, 2023. This roller-coaster performance has left investors on edge, with the stock gaining almost 46 percent in the past year but losing over 3 percent in January thus far.

ÔÇïÔÇïThe news of SEBI halting the IPO plans of Asirvad Micro Finance comes after the subsidiary filed Draft Red Herring Prospectus (DHRP) with SEBI on October 5, stating that the proposed IPO will be undertaken at face value of Ôé╣10 each, comprising a fresh issue of up to Ôé╣1,500 crore. The particularities of the filing indicate that the IPO was set to bring substantial funds into the company, presenting a potential avenue for future expansion and growth.

An AI legalese decoder could help in understanding the specific legal terms and complexities surrounding the regulatory developments. This powerful tool can quickly translate the often convoluted language of legal documents, prospectuses, and regulatory filings into plain, understandable English. By decoding the legalese, investors, and stakeholders can gain clarity on the intricacies of the IPO process and the implications of SEBI’s actions, enabling them to make more informed decisions.

ÔÇïManappuram Finance, a gold loan non-banking financial company, has shown resilience amidst the market turbulence, reporting a consolidated net profit of Ôé╣560.65 crore in the second quarter of fiscal year 2023-24 (Q2FY24), marking a significant growth of 37 percent compared to the year-ago period. Notably, the net interest income (NII) of the non-banking financial company (NBFC) increased to Ôé╣1,468 crore, signifying a substantial 25 percent uptick from the previous year.

ÔÇïÔÇïThe acquisition of Asirvad Micro Finance by Manappuram Finance in 2015 has been a pivotal strategic move, strengthening the company’s foothold in the microfinance sector. With the unpredictable market movements and regulatory interventions, a thorough understanding of the legal jargon and implications is crucial for all stakeholders. The AI legalese decoder can play a pivotal role in demystifying the complex legalities and regulatory intricacies, empowering stakeholders with the knowledge needed to navigate these challenging times effectively.

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